On balance, the jobs report was a strongish one, with job gains about inline, but the unemployment rate tumbling all the way to 4.6% from 4.9%.

A November whoosh lower in gold combined with big gains in bond yields and the dollar, however, likely discounted quite a bit of good economic news, and traders are using this morning's report as an opportunity to lighten up. Thus, gold is ahead 0.7% to $1,177.40 per ounce, while yields and the greenback both head south. The 10-year Treasury yield is off seven basis points to 2.38% and the dollar index is down 0.25%.

"The bar was so low on Trump to the point people were expecting markets will go down 80% and global depression - and now this guy is the Wizard of Oz and so expectations are high," Jeff Gundlach tells Reuters. "There's no magic here."

Back to reality: Government programs take time to implement, rising mortgage rates aren't great for the "psyche" of the middle class, and HRC supporters are in no mood to spend money.

"There is going to be a buyer's remorse period," he says. Yields (TLT, TBT) have peaked and should move sideways from here, the dollar (UUP, UDN) is going to fall, and gold's (NYSEARCA:GLD) next move is higher.

DoubleLine Total Return Bond Fund (DBLTX, TOTL) is up 2.12% through the end of November, besting 63% of peers. On a three-year basis, it's up 3.46% annualized, topping 93% of peers.

We'll get today's weakish data out of the way first - jobless claims unexpectedly jumped last week, and new home sales disappointed in October (and Sept.'s print was revised lower).

On the other hand, there was an unexpected big lift in consumer sentiment since the election, durable goods for October, surprised to the upside, and the 10-year Treasury yield has popped to more than a one-year high of 2.39%.

The dollar index has surged to its highest level in about a decade, with particular strength against the yen (NYSEARCA:FXY) and euro (NYSEARCA:FXE). UUP+0.7%

Gold, on the other hand, continues its big retreat, down 2.15% to $1,185 per ounce - its lowest price since February. GLD-2.15%

With stocks, interest rates, and the dollar all on one-way streets higher, who needs the yellow metal?

Hopes for a bounce were dashed again today, with gold now down 0.8% to $1,214 per ounce, a price not seen since early June. An amateur chartist might say there appears to be decent support in the low $1,200 area, but a break through that means the coast is clear until $1,100 or less.

The number of deals in the gold sector this year is the highest since 2011, as gold’s price surge has prompted producers to trade assets to add production or to improve the mine portfolio quality, and Telfer says GG is reviewing opportunities for acquisitions or partnerships including in new discoveries and existing assets.

Randgold (NASDAQ:GOLD) CEO Mark Bristow said recently that gold production may peak in the next three years as miners fail to replace their reserves, and Telfer concurs, saying producers have limited scope to raise output in response to higher prices, and that “we are having a heck of a time finding gold."

“Once supply from mines starts to decline and people start to realize the impact that’s going to have... it’s going to be incredibly bullish for gold,” Telfer says.

California Resources (CRC+19.9%) surges nearly 20% for its biggest intraday jump since August after the George Soros bought a new stake in the oil explorer.

Soros also bought more than 3M shares in pipeline owner Williams Cos. (WMB+2.7%), and took smaller positions in Petrobras (PBR+4.5%) and Rice Energy (RICE+4.1%), while selling his position in the SPDR Gold ETF (GLD+0.8%).

Today's crude oil rally also is having an outsized effect on CRC, whose $32.50-$33.50/boe production costs make it very much a marginal-cost/bbl supplier of oil; a $1/bbl change in the Brent price equates to a $2.5M increase in net income, according to the company's own price sensitivities index.

Speaking at a conference at the Central Bank of Chile, Fed Vice Chairman Stanley Fischer gives no indication the U.S. central bank has any intention of not raising interest rates next month. "The case for removing accommodation gradually is quite strong."

The remarks should be of absolutely no surprise, but they make for a convenient excuse for a whoosh lower in gold in the last few minutes. The metal is now down 2.6% on the session to $1,233 per ounce, a price not seen since the first days of June. Next stop on the charts is $1,200.

Silver is off 4.15% to $17.96, still well above its early June low of about $16.

Speaking to CNBC this morning, fund manager Stanley Druckenmiller - who had been pessimistic about the U.S. economy, said that he is now "quite, quite optimistic" on the U.S. economy following the election of President-elect Donald Trump. "It's as hopeful as I've been in a long time."

"I sold all my gold on the night of the election." Why? “All the reasons I owned it for the last couple of years seem to be ending", namely, expectations that inflation is now set to spike, forcing money out of safe assets - like gold and Treasurys - and into the dollar.

Druckenmiller said he now has a “large bet on economic growth. I’m short bonds, Bunds, Italian bonds, U.S. bonds.” The trades reflect his expectation of higher deficits and stronger growth leading to another surge in debt.

Druck said he is “hopeful” on the Trump administration and political climate. “I would not be surprised if we’re looking at the absolute peak of divisiveness.”

Alongside a swoosh down in stocks and the peso, the 10-year Treasury yield has tumbled a full 10 basis points to 1.75%, and gold has popped higher by 2.8% to $1,310 per ounce.

At the moment, Trump is holding onto a slim lead in Florida with the votes nearly all counted. He's also begun to pull ahead in Ohio, and is showing surprising strength in Virginia. North Carolina and New Hampshire are as close as can be.

The recent rally in gold has left the metal about 20% overvalued, says Deutsche. It's not breaking any news to say the move in gold has been closely coordinated with tightening presidential election polls, but Trump momentum appears to have slowed, and last night's November surprise from the FBI may have stopped it in full, or even reversed it.

All this happens as the gold bull trade gets crowded, notes Deutsche, with net longs reported by the CFTC up 9% last week, and "enormous inflows" into gold ETFs yet to be unwound.